Raymond James Trust N.A. Sells 179 Shares of Otis Worldwide Co. (NYSE:OTIS)

Raymond James Trust N.A. trimmed its holdings in shares of Otis Worldwide Co. (NYSE:OTIS) by 1.6% in the third quarter, HoldingsChannel reports. The institutional investor owned 11,109 shares of the company’s stock after selling 179 shares during the period. Raymond James Trust N.A.’s holdings in Otis Worldwide were worth $1,155,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the stock. CreativeOne Wealth LLC acquired a new position in Otis Worldwide during the first quarter worth $288,000. Advisors Asset Management Inc. raised its holdings in shares of Otis Worldwide by 31.6% in the 1st quarter. Advisors Asset Management Inc. now owns 8,048 shares of the company’s stock valued at $799,000 after purchasing an additional 1,934 shares during the period. Caxton Associates LP acquired a new stake in Otis Worldwide in the 1st quarter valued at about $1,661,000. Zurich Insurance Group Ltd FI bought a new position in Otis Worldwide during the first quarter worth about $1,807,000. Finally, Silvercrest Asset Management Group LLC increased its position in Otis Worldwide by 2.2% during the first quarter. Silvercrest Asset Management Group LLC now owns 25,076 shares of the company’s stock worth $2,489,000 after buying an additional 537 shares during the last quarter. Institutional investors own 88.03% of the company’s stock.

Otis Worldwide Trading Up 1.3 %

Shares of OTIS opened at $101.20 on Monday. The firm’s 50 day moving average is $101.19 and its 200-day moving average is $97.61. The stock has a market capitalization of $40.43 billion, a PE ratio of 25.24 and a beta of 1.04. Otis Worldwide Co. has a 12 month low of $83.99 and a 12 month high of $106.33.

Otis Worldwide (NYSE:OTIS) last posted its earnings results on Wednesday, October 30th. The company reported $0.96 EPS for the quarter, missing the consensus estimate of $0.97 by ($0.01). Otis Worldwide had a net margin of 11.48% and a negative return on equity of 31.28%. The firm had revenue of $3.55 billion during the quarter, compared to the consensus estimate of $3.59 billion. During the same quarter in the prior year, the business posted $0.95 earnings per share. Otis Worldwide’s revenue for the quarter was up .7% compared to the same quarter last year. Equities research analysts predict that Otis Worldwide Co. will post 3.85 earnings per share for the current fiscal year.

Otis Worldwide Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 15th will be paid a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 1.54%. The ex-dividend date is Friday, November 15th. Otis Worldwide’s payout ratio is currently 38.90%.

Insider Transactions at Otis Worldwide

In other news, EVP Abbe Luersman sold 9,000 shares of the firm’s stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $101.02, for a total transaction of $909,180.00. Following the completion of the transaction, the executive vice president now directly owns 9,992 shares in the company, valued at $1,009,391.84. This trade represents a 47.39 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.23% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

OTIS has been the subject of several research analyst reports. Wells Fargo & Company reduced their target price on Otis Worldwide from $108.00 to $105.00 and set an “equal weight” rating for the company in a research note on Thursday, October 31st. UBS Group assumed coverage on shares of Otis Worldwide in a research report on Wednesday, November 13th. They set a “neutral” rating and a $113.00 price objective for the company. Wolfe Research lowered shares of Otis Worldwide from an “outperform” rating to a “peer perform” rating in a research report on Tuesday, October 8th. Barclays reduced their target price on shares of Otis Worldwide from $96.00 to $94.00 and set an “equal weight” rating for the company in a report on Thursday, October 31st. Finally, Morgan Stanley started coverage on shares of Otis Worldwide in a report on Friday, September 6th. They issued an “equal weight” rating and a $97.00 price target on the stock. Eight analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat, Otis Worldwide presently has a consensus rating of “Hold” and a consensus target price of $104.57.

About Otis Worldwide

Otis Worldwide Corporation engages in manufacturing, installation, and servicing of elevators and escalators in the United States, China, and internationally. The company operates in two segments, New Equipment and Service. The New Equipment segment designs, manufactures, sells, and installs a range of passenger and freight elevators, as well as escalators and moving walkways for residential and commercial buildings, and infrastructure projects.